Invenomic Capital Management LP Purchases New Position in AdvanSix $ASIX

Invenomic Capital Management LP purchased a new stake in AdvanSix (NYSE:ASIX) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 312,371 shares of the company’s stock, valued at approximately $6,054,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Royal Bank of Canada grew its position in shares of AdvanSix by 23.2% in the 1st quarter. Royal Bank of Canada now owns 18,990 shares of the company’s stock valued at $430,000 after buying an additional 3,575 shares during the last quarter. AQR Capital Management LLC grew its stake in AdvanSix by 35.7% during the 1st quarter. AQR Capital Management LLC now owns 74,743 shares of the company’s stock worth $1,693,000 after buying an additional 19,668 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in AdvanSix by 4.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,147 shares of the company’s stock worth $343,000 after buying an additional 604 shares during the last quarter. Envestnet Asset Management Inc. acquired a new position in AdvanSix during the second quarter worth approximately $266,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in AdvanSix during the second quarter worth approximately $216,000. Institutional investors and hedge funds own 86.39% of the company’s stock.

AdvanSix Stock Performance

Shares of ASIX opened at $20.61 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.52 and a current ratio of 1.13. The stock has a market capitalization of $553.66 million, a P/E ratio of 11.38 and a beta of 1.66. The company’s fifty day moving average is $18.05 and its two-hundred day moving average is $18.18. AdvanSix has a 1 year low of $14.10 and a 1 year high of $25.53.

AdvanSix (NYSE:ASIX) last released its earnings results on Friday, February 20th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.09. The company had revenue of $359.95 million during the quarter, compared to analysts’ expectations of $340.85 million. AdvanSix had a net margin of 3.24% and a return on equity of 6.97%. On average, sell-side analysts predict that AdvanSix will post 4 earnings per share for the current year.

AdvanSix Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 23rd. Shareholders of record on Monday, March 9th will be given a dividend of $0.16 per share. The ex-dividend date is Monday, March 9th. This represents a $0.64 annualized dividend and a yield of 3.1%. AdvanSix’s payout ratio is presently 35.36%.

Wall Street Analysts Forecast Growth

ASIX has been the subject of several research analyst reports. Loop Capital set a $25.00 price objective on AdvanSix in a report on Thursday. Wall Street Zen cut shares of AdvanSix from a “buy” rating to a “hold” rating in a report on Monday, March 9th. Truist Financial increased their target price on shares of AdvanSix from $19.00 to $20.00 and gave the stock a “hold” rating in a research note on Monday, February 23rd. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of AdvanSix in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $28.00.

About AdvanSix

AdvanSix, Inc (NYSE: ASIX) is an integrated chemical manufacturer specializing in the production of nylon 6 intermediates and related co‐products. Established as a publicly traded spin‐off from Honeywell Specialty Chemicals in June 2016, the company is headquartered in Parsippany, New Jersey.

The company’s principal product is caprolactam, the key building block for nylon 6 resin, used in fibers and engineering plastics across industries. In addition to caprolactam and nylon 6 resin, AdvanSix produces ammonium sulfate fertilizer and industrial chemicals such as phenol and acetone.